Press releases

LGP Secures First Anchor for Arndale Centre Development in Eastbourne.

15 January 2014

Legal & General Property (“LGP”) announces that it has secured a 23,000 sq ft pre-let to global fashion retailer, H&M, at the Arndale Centre (the “Centre”) in Eastbourne.  Arranged over the ground and first floor, the retailer will occupy one of the anchor units within the extension.
In 2012, approval was granted by Eastbourne Borough Council for a £70 million extension to the Centre in order to create an additional 175,000 sq ft of retail space, arranged over 22 new ground and first floor units, as well as further car parking spaces and a new pedestrian access on to Terminus Road.  A revised application, which includes seven restaurants and a cinema, was submitted in December 2013 and is due to go before the planning committee in March 2014. The proposed additions to the scheme would raise LGP’s total investment to £85 million.
A major sub-regional shopping location, ranked 11th in the South East according to the NSLSP, (National Survey of Local Shopping Patterns), the Arndale Centre is situated conveniently in the heart of the town with over 17 million visitors per year.  The existing scheme is anchored by Marks & Spencer, BHS, Sainsbury's, River Island and Primark.
Subject to planning consent, the extension is due to start on site in early 2015 and reach practical completion by the end of 2016.  Once constructed, this major town centre regeneration project is expected to create 700 full time jobs and provide a significant boost to the local economy.
Simon Russian, Head of Retail Development at Legal & General Property, said: “H&M is the first tenant to be unveiled as an anchor for the new Arndale Centre development, which is an important step forward for the town and demonstrates that major brand retailers will come to the town centre if bigger sized units that meet their requirements are made available.  We are currently in discussion with a number of other existing fashion brands, as well as a cinema and several restaurant operators, and hope to make further announcements in due course.”
DTZ and Lunsons acted for LGP on the retail letting and are the retained joint agents on the scheme.

Notes to editors

Legal & General Property
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages approximately £443bn in assets on behalf of more than 3,100 clients (30 September 2013) and provides products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 16 separate funds or vehicles and two segregated mandates with an aggregate asset value of £11.6bn as at 30 September 2013. These funds include:

Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund

Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership; Performance Retail Limited Partnership and Warrington Retail Limited Partnership

Balanced Funds
Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust; UK Property Income Fund; LPI Income Property Fund and the Hybrid Property Fund.

LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities. Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging upon the significant resources provided by the wider LGIM platform. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability. LGP’s sector specialisms cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering West End landmark building, Central Saint Giles, and Agar Street, its high profile Covent Garden office scheme, amongst others, and is currently involved in bringing forward a number of significant town-centre retail and leisure regeneration projects, including Bracknell, Trowbridge, Northampton and Eastbourne.

Legal & General Property Limited. Registered address: One Coleman Street, London EC2R 5AA. Registered in England 2091897.

For more information please contact:

Olivia Goodall
PR Manager, Legal & General Capital and Real Assets, LGIM (Property, infrastructure and alternative finance)

t: + 44 (0) 203 124 2777
m: + 44 (0) 7718 395 279

About Legal & General

Legal & General Property Limited.

Registered address:
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.